Question 6 Not yet answered Marked out of 10.00 Flag question Analyzing and Reporting Receivable Transactions and Uncollectible Accounts Using Percentage-of- Sales Method to Estimate Bad Debt Expense At the beginning of the year, Penman Company had the following account balances. Accounts receivable Allowance for uncollectible accounts $569,600 34,240 During the year, Penman's credit sales were $3,212,800, and collections on accounts receivable were $3,140,800. The following additional transactions occurred during the year. Feb. 17 Wrote off Bava's account, $13,120. May 28 Wrote off Reed's account, $7,680. Dec. 15 Wrote off Fischer's account, $3,680. Dec. 31 Recorded the bad debts expense assuming Penman's policy is to record bad debts expense as 0.9% of credit sales. (Hint: The allowance account is increased by 0.9% of credit sales regardless of write-offs.) Compute the ending balances in accounts receivable and the allowance for uncollectible accounts and show how Penman's December 31 balance sheet reports the two accounts. Note: Round your answers to the nearest whole dollar. Note: Do not use a negative sign with your answers. Current Assets Accounts receivable Less allowance for uncollectible accounts $